fuel

Fuel prices are more than mere numbers on a meter; they often symbolize momentary relief, economic stability, and political goodwill. For people living in African nations, a drop in fuel costs can have far-reaching implications, extending beyond the pump and into their day-to-day lives. When the fuel prices in a country decrease from the previous month, it brings a flurry of benefits. These advantages are not limited to the immediate, tangible financial savings. There exists a more nuanced, symbolic optimism associated with…

The recent adjustment in fuel prices by Dangote Refinery has turned heads in the economic landscape. With a notable reduction of ₦30, the price now stands at ₦835 per litre, marking a total drop of ₦45 from the relatively recent figure of ₦880 just a mere six days ago. This change, while appearing simple on the surface, has profound implications for consumers and the broader economy. Anticipations abound regarding how this price cut will ripple through the market. Retailers, especially partner stations like MRS,…

Fitch Ratings Highlights Nigeria’s Rising Debt Service Obligation Amid Economic Optimism In a recent assessment, Fitch Ratings drew attention to Nigeria's projected rise in debt servicing costs for the year 2025. This insight emerges even as the rating agency expresses growing confidence in Nigeria's evolving economic policies. One might wonder, how does a country bolster investor confidence while simultaneously facing increasing costs of managing its external debt obligations? The…

Edited by Ali Musa, Axadle Times International–Monitoring Fuel prices—those defiantly fluctuating metrics that often dictate our frustrations at the pump and influence our day-to-day choices. I mean, who hasn't spent that fleeting moment wondering if it's worth driving across town just to save a few cents per litre? According to recently compiled data from GlobalPetrolPrices.com, some countries have either mastered the art of keeping these prices low—or have strategies so elusive that they look like they've cracked…

In a world where the price at the pump can alter the very fabric of society, it's fascinating and somewhat alarming to see how the domino effect of rising gasoline prices influences every societal layer. Be it the bustling corridors of corporate giants or the humble abodes of low-income households, fuel costs permeate deeply into the routine affairs of daily life. Take a moment to reflect on this: in some African countries, the cost of gasoline has stubbornly remained steep over recent months. Despite some hopes to…

In an ever-evolving business landscape, small adjustments can ripple through entire industries. On a rather bright Thursday morning, a notable update filtered into the emails of those closely watching Nigeria’s petroleum sector. The Dangote Refinery, a cornerstone of the country's energy structure, announced a subtle yet intriguing shift in its pricing structure. The ex-depot price, sometimes referred to as the gantry price, has been lowered to N865 per litre, a small but noteworthy decrease of N15 from just the previous…

Navigating the Undulating Terrain of Nigeria's Oil Market Last week marked a significant shift in global oil prices, as crude oil saw its value tumble to depths not seen since 2021. Was it former President Trump's imposing import tariffs that sparked this? Perhaps it was the unexpected increase in oil supply by OPEC+ that sent ripples through the market, slicing a hefty $10 from global benchmarks per barrel. And suddenly, by Friday, the crude oil prices had plummeted to $65 a barrel. For many, this…

US Dependency on Jet Fuel Imports: The Nigerian Shift The ever-evolving landscape of global trade has led to some noteworthy shifts, especially in the energy sector. This March, a fascinating development unfolds as the U.S. is poised to see its highest jet fuel imports in two years, with a significant portion arriving from Nigeria's renowned Dangote refinery. The Rise of Dangote Refinery Picture this: a sprawling industrial marvel standing as the largest refinery on the African…

The discourse around the elimination of fuel subsidies is fraught with complexities. On the one hand, there is a prevalent belief that removing these subsidies could lead to positive outcomes in the long term. But, is that always the case? In discussing this issue, we must consider not only the economic theories but also the real-world impacts that countries face when embarking on this challenging path. Nigeria serves as a compelling case study. When the country made the decision to eliminate fuel subsidies, the…

Imagine living in a country where filling up your car's tank doesn't cost more than a handful of coins. In several African countries, this is not a distant dream but a refreshing reality. The benefits of low fuel prices are multifaceted, deeply entrenched in both economic stability and social wellbeing. Have you ever wondered how access to affordable gasoline could transform the daily narrative? Here's a detailed exploration into this phenomenon. Albert Einstein once said,…